The POL token of Polygon fell 6% on Thursday, which fell to major support levels as the higher US inflation data of the US inflation shook the risk assets.
Pol exchanged with a broad 10% range in the past 24 hours, climbing from $ 0.25 to $ 0.26 in early trading before the back of sharp, data from CoinDesk Analytics shows.
An explosion of sale sent the token down to $ 0.24, with a trading volume spiking at 1.1 million units-more than its triple 24 hours average. The mark of $ 0.26 now has appeared as a significant resistance zone after the decline of high volume.
The sale comes next to a broader decline in the market that is being triggered by a US producer price index (PPI) Report showing a 0.9% month-to-month increase in July, the biggest jump in more than three years. The data, which measures the wholesale inflation before it reaches consumers, eliminated expectations for cuts on the rate of federal reserve and forced speculations.
The CoinDesk 20 index, a benchmark for the broader crypto market, dropped 4% at the same time, as income extraction accelerated in the main tokens. POL last changes hands near $ 0.24, with momentum indicators that signal additional downside risk.
Divinity: The parts of this article were formed with the help from the AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk whole You have a polycy.
